Succession Planning

Whether you're passing your business along to family members, partners or employees, or selling it to a third party, you'll want to be prepared with a thorough business succession plan.

What to know before creating your succession plan

A succession plan can help make for a smoother transition of your business to new ownership, while also helping to maximize the value of your business.

  • Consider starting your succession plan at least 3-5 years ahead
  • Write down your plan and keep it updated
  • Communicate regularly with stakeholders
  • Continue to invest in and build your business
  • Discuss your succession plans with your TD Account Manager or Wealth advisor

The sooner you start planning the better. A thorough business succession plan can take up to 3-5 years to complete.

  • Create a schedule for leaving the company
  • Have a clear transition in mind—define each step and milestone along the way
  • Remember to talk your plan through with family members, business partners, stakeholders, your financial advisor and other professionals

How and when you plan to leave your company may be the two most important questions to ask.

  • Will you transition your business to family members, partners or employees?
  • Will you sell your business to a third party?
  • Will you close your business and liquidate assets?

Determining the value of your company is a critical step in creating an effective succession plan—and knowing what to do after you leave.

  • Consider finding a qualified professional who can give you an accurate business valuation
  • Talk to a TD Wealth advisor about possible investment options for the proceeds of your sale
  • Get educated on the tax implications and seek out professional guidance as needed

What does your business succession plan look like?

When you are transitioning your business

How do you envision the transition of your business? Will you keep it in the family, sell it to partners, employees or a third party, or will you close it altogether? In either case, you'll want to talk to a TD Account Manager:

  • For advice on finding financial products and services to support your future needs
  • To connect you with the TD Weatlh advisor who can help you plan for the sale or transition of your business

When you are selling your business

If your succession strategy is to sell your business, you'll want to start thinking about how to maximize its value. Consider talking to a TD Wealth advisor for guidance on how to manage the proceeds of your sale, in addition to:

  • Tax implications and strategies
  • Private wealth management
  • Investment strategies
  • Estate Planning
  • How to create a smooth succession plan, when transitioning to new ownership

Make the most of your succession plan

Services and support from TD Wealth to help you with a smooth succession.

  • Retirement Income

    A Wealth advisor can work with you to create a plan to identify and help meet your retirement goals.

  • Tax-Efficient Strategies

    Working with clients and their tax advisors, these strategies may identify efficiencies to help reduce your tax liability.

  • Estate Planning

    Estate planning can be challenging. A TD Wealth advisor, with access to TD specialists, can help make it less stressful.

When you are acquiring a business

If you happen to be acquiring a business from an owner who is retiring or moving on, TD can help. We offer a range of banking solutions made for small businesses. Connect online with an Account Manager dedicated to small business for advice about:

  • Opening a small business account
  • Business lending and credit solutions
  • Credit cards for business
  • Small business resources
  • Cash flow strategies

Make the most of your succession plan

Services and support to help you with a smooth succession.

  • Business Credit Solutions

    Explore our range of credit borrowing options, designed to support the financial strategy of your small to mid-sized company.

  • TD Business Credit Cards

    There's a credit card made to fit the demands of your business, whether cash back, travel rewards or a low interest rate.

Articles on Succession Planning

Get in touch